Towards More Advanced, Equitable Natural Hazard Risk Metrics

Abstract

With the aim of identifying gaps in the state of the art in natural hazard risk metrics, we performed a literature review on some of the risk metrics frequently employed in risk assessments of earthquakes, floods, and hurricanes. Academic researchers use risk metrics to develop risk models, new framework and explore new approaches to assess risks from natural hazards, while policy makers use risk metrics to make informed decisions. Reviewing risk metrics of natural hazards is crucial for understanding and ensuring the equitable distribution of resources and policies in natural hazard management. Direct economic loss, indirect economic loss, casualties, well-being loss, mental health loss, environmental loss, population displacement and recovery time are the risk metrics that will be examined in this research. The report is organised into sections each focusing on a different risk metrics. In each section, the risk metric will be introduced, defined, and discussed, followed by a review of how the risk metric is used theoretically and in practice. Theory papers include academic journal and practice papers include news articles and policy papers. Our review found that direct economic loss is the most prevalent risk metric used in risk assessments of the three natural hazards. This report concludes with discussions of the equity of the risk metrics reviewed, the limitations to our research and proposal of potential risk metrics that are more equitable for future use.